PROG Holdings: Return To Growth

PROG Holdings, Inc. is undervalued, returning to sustainable GMV and revenue growth through 2028, driven by the Purchasing Power acquisition and BNPL segment expansion. Management projects ~$614 million in free cash flow by 2028, enabling significant share repurchases and supporting a stable dividend policy. Purchasing Power is expected to comprise ~22.9% of PRG's revenue mix by 2028 and contribute ~$98 million in free cash flow.